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Median price table
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March Q
2013 |
Change
in Q |
Dec Q
2012 |
Annual
Change |
March
Q 2012 |
Melbourne Houses (seasonally adjusted) |
$561,500 |
5.1% |
$534,000 |
4.7% |
$536,500 |
Melbourne Houses (original) |
$545,000 |
-0.9% |
$550,000 |
4.8% |
$520,000 |
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Melbourne Units (seasonally adjusted) |
$456,000 |
1.4% |
$449,500 |
2% |
$447,000 |
Melbourne Units (original) |
$451,000 |
-0.3% |
$452,900 |
2.3% |
$441,500 |
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Regional Victoria (seasonally adjusted) |
$311,500 |
2.1% |
$305,000 |
3.3% |
$301,500 |
Regional Victoria (original) |
$310,000 |
1.1% |
$306,500 |
0% |
$310,000 |
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City of Greater Geelong (original) |
$390,000 |
-1.3% |
$395,000 |
2% |
$382,500 |
City of Greater Bendigo (original) |
$320,000 |
3.2% |
$310,000 |
3.7% |
$308,500 |
City of Ballarat (original) |
$280,000 |
-3.4% |
$290,000 |
-3.4% |
$290,000 |
Click here to find out what a median is, what seasonal adjustment is and why the REIV uses them.
Melbourne house prices rise 5.1% in the March quarter
The median house price in Melbourne was $561,500 (seasonally adjusted) in the March quarter following a 5.1 per cent increase from $534,000 (seasonally adjusted) in the previous quarter.
REIV CEO Enzo Raimondo said that the Melbourne residential market continued to record moderate improvements as it recovered ground lost over the last two years.
“There was an increase in buyers in the December quarter which has continued through the first quarter of this year with increased volumes, prices, and clearance rates.
“Higher sales volumes were recorded with an estimated 6.4 per cent more than the March quarter last year.
“There are a number of factors increasing demand; increasing population growth, improved consumer confidence and overall affordability assisted by lower interest rates. High levels of residential construction which has provided adequate supply, especially in the outer suburb housing market and inner city apartment market will act to constrain price growth over the year.
“Improvements are particularly pronounced in the inner and middle ring suburbs with Brighton, Balwyn, Balwyn North, Northcote, Doncaster and Camberwell all recording strong growth.
“Demand for units and apartments was more subdued with a 1.4 per cent increase in the quarter to a median price of $456,000 (seasonally adjusted). A factor in this market is the increased supply in the inner city apartment stock.
“The strongest demand for units and apartments was found in Toorak, Kensington, Kew, Cheltenham, Boronia and Bayswater.
“The overall improvements in the market are highlighted by changes in the clearance rate which rose from 61 per cent in the March quarter last year to 62 per cent in the December quarter and 69 per cent in this March quarter.
“Regional Victoria continued to record steady growth with a median house price of $311,500 (seasonally adjusted) following a 2.1 per cent increase in the quarter.
“Median prices increased by 3.2 per cent in Bendigo to reach $320,000 contrasting against a drop of 3.4 per cent to $280,000 in Ballarat and a 1.3 per cent drop in Geelong to $390,000,” Mr Raimondo concluded.
To find out more
Median prices over time
This graph shows median house prices in Melbourne over the past decade in seasonally adjusted and origional terms.